Income Protection for Professionals & Doctors
As a Professional or Doctor, one of your greatest assets (besides your knowledge and experience) is your ability to earn an income. If you lose the ability to earn, due to injury or illness, the years of study and dedication could amount to nothing more than a few certificates on the wall.
Thankfully there is a solution - Income Protection.
Income protection allows you to protect your income in the event that you are unable to work due to injury or illness. You have sacrificed to get to where you are today, so why risk that lifestyle and level of comfort? Income protection is an affordable and extremely effective way of protecting both you and your family's financial future.
Extra Benefits for Doctors:
Many income protection policies will cover up to 75% of your income up to age 65, but selected insurers that we use for income protection will provide Professionals & Doctors with even great levels of protection.
Here are a few examples:
Benefit period up to age 70
Agreed value policies
Whilst these extra benefits are available to all Professional or Doctors, it is important to use a financial adviser who can ensure you obtain cover with the provider that offers the best features and benefits to suit your personal needs.
Income protection for new Doctors:
As a newly qualified Doctor you know that your income is going to increase significantly as time passes, but right now proving a steady income stream may not be so easy.
Thankfully one of our insurers - Asteron - offer a policy which provides the following benefits for newly qualified doctors who have been practicing for less than five years:
Guaranteed maximum benefit of $6,250 p/m
Proof of Income - Waived
Mandatory Medicals - Waived (subject to disclosures)
This means you can get the insurance you need now, guaranteed at your chosen level, without having to worry about proof of income if you make a claim.
Life Insurance
The responsible course of action is to ensure that you have sufficient life insurance in place so that all debts are extinguished upon your death. Not only that, but you can also provide a lump sum cash payment to your surviving family to ensure they do not endure any financial hardship.
Life insurance pays a lump sum amount in the event of your death or upon diagnosis of a terminal illness. The size of the lump sum is agreed upon between you, your financial adviser and the insurance company at the time of applying for the insurance.
Needlestick Benefit
Standard life insurance is generally very similar regardless of what your occupation is, however there are some very important differences for Doctors. Needlestick injuries are a major concern for any doctor, and the risk of contracting a deadly disease via such an injury is always present no matter what precautions we take.
Life insurance for Doctors can include a special option known as needlestick benefit which provides additional insurance cover for medical professionals in the event of contracting Hepatitis B, C or HIV via a needlestick injury. When taking out life insurance it is absolutely vital to ensure this option is offered with your policy.
How Much Do I Need?
The amount of life insurance you require will depend almost entirely on your own needs and objectives. Generally speaking, you will want at least enough insurance to extinguish all of your debts and liabilities. When it comes to providing a financial buffer or ongoing income for your family, there are many options available.
Some individuals choose to provide a fixed lump sum for their family, whilst others prefer to calculate a lump sum that will provide an ongoing income for a certain number of years, or even indefinitely.
Your financial adviser will be able to assist you in calculating how much cover you will need in order to achieve various levels of protection.
Everybody's life insurance requirements will change as the years pass by. Thankfully you can change your life insurance amount at any time provided that you haven't had any adverse changes in your health since the insurance was originally applied for.
Trauma Insurance for Professionals & Doctors
As Professionals & Doctors, you see firsthand the devastating effects that critical illnesses can have on your patients and their families. Along with the emotional and physical effects, there can also be major financial impacts from critical illness.
Trauma insurance, also known as critical illness insurance, can arm you with the funds to fight through a period of serious illness. It can provide sufficient funds to access the best medical care in the world, whilst allowing you to emerge at the end with your financial health still in check.
We can help put together a comprehensive yet affordable insurance package that will help to secure the financial security of your family in the event of critical illness.
TPD Insurance for Professionals & Doctors
As a Professional or Doctor, one of your greatest assets besides your knowledge and experience is your ability to earn an income. If you lose the ability to earn an income due to injury or illness, the years of study and dedication could amount to nothing more than a few certificates on the wall.
Income protection forms part of the solution, especially if the disability is only temporary, but what happens if you suffer an injury or illness so serious that you can never return to work?
TPD insurance will pay you a lump sum in the event that you are deemed unlikely to ever be able to return to work. The funds can be used for any purpose you see fit, but are often used to extinguish debt and pay for home and vehicle modifications that may be required depending on the level of disability.
You have sacrificed a lot to get to where you are today, so why risk that lifestyle and level of comfort? TPD insurance is an affordable and very effective way of protecting both yours and your family's financial future.